Weekly options expiry ends tad below 11900: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):

"The global cues were marginally negative in morning and in line with that, Nifty started the session below 11900. The index oscillated within a narrow range throughout the session and ended the weekly expiry day tad below 11900 mark.

Our markets had already seen high volatility a day priory to the weekly expiry session. However, the expiry day turned out to be a dull session for the index as the Nifty consolidated throughout the day. But the midcap stocks witnessed some good momentum in the last hour of the day and if we observe the chart of the Nifty Midcap50 index, it seem to be poised for a breakout from the recent consolidation phase. The breakout zone of the mentioned index is placed at 4780-4800 and a move beyond that should then lead to a trended upmove in the midcap space. On looking at the charts, it seems to be a high probability of the index breaking in upward direction, but traders are advised to wait for a confirmation to place aggressive bets in the midcaps. As far as Nifty levels are concerned, 12000-12025 continues to be immediate resistance zone and the next leg of upmove would be seen only on a move beyond the same. So traders are advised to keep a tab on the both the indices as a breakout in both the indices simultaneously should lead to a good upmove in the broader markets. On the flipside, 11775 has become a sacrosanct and if the index breaks that, then it could result into profit booking in the market.

Since we are still in a consolidation phase, traders are advised to keep a tab on the above mentioned levels and trade aggressively only on a breakout from the above mentioned range. Till then, we continue with our advise for traders to look for stock specific opportunities."

Source : Equity Bulls

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